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WHAT SHOULD I INCLUDE IN MY

ESTATE PLAN?

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A lot of people are frozen with inaction when it comes to estate planning because of a lack of information

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There are numerous DIFFERENT LEGAL DEVICES that can be used depending on the

CIRCUMSTANCES

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In this presentation we will stick to the basics

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ARRANGING FINANCIAL ASSET DISTRIBUTIONS

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When you are planning your estate, you should arrange for your intended beneficiaries to inherit your property

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Many people will choose to do this through the execution of a will

IF YOU DO UTILIZE A LAST WILL TO EXPRESS YOUR

WISHES REGARDING FUTURE ASSET TRANSFERS, YOU SHOULD NAME A PERSONAL REPRESENTATIVE

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This is the person who will actually handle the business of the estate

during the probate process

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THE LEGAL PROCESS OF PROBATE

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Many people are not aware of the existence of

the probate process

IN MINNESOTA, AN ESTATE MUST GO THROUGH PROBATE IF THE ASSETS IN QUESTION EXCEED $50,000 IN TOTAL VALUE, OR IF THE DECEDENT OWNED AN INTEREST IN

REAL ESTATE

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It is possible to arrange for the transfer of your financial assets outside of the probate process

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It is possible to arrange for the transfer of your financial assets outside of the probate process

PEOPLE OFTEN CHOOSE TO PLAN AROUND PROBATE BECAUSE PROBATE CAN BE TIME-CONSUMING AND

COSTLY

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This is achieved by using a device other than a will to transfer the property to your

intended beneficiaries

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REVOCABLE LIVING TRUST FOR PROBATE AVOIDANCE

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If you are interested in avoiding probate, you may want to consider creating a REVOCABLE LIVING TRUST

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With these trusts, you retain control of the assets while you are living

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You could change the terms of the trust or dissolve it altogether

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You name a trustee and a beneficiary or beneficiaries

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You name a trustee and a beneficiary or beneficiaries

After you pass away, the trustee distributes assets to the beneficiaries

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Distributions are made in accordance with the instructions that you include in the trust agreement

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LIFE SUPPORT PREFERENCES

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Different people have different ideas about the utilization of life-sustaining measures

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With a health care directive you can state your own choices about the use of life-support systems if you were to fall into an irreversible terminal condition

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By executing a health care directive, you take a potentially excruciating decision

out of the hands of your loved ones

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HEALTH CARE DIRECTIVE & HIPAA RELEASE

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It is possible that medical circumstances can arise that are not specifically covered in your health care directive

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With a health care directive, you can also empower an agent to make medical decisions in your behalf should you become unable to communicate your own choices

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This will allow doctors to provide your named representatives with relevant

medical information

You should also include a HIPAA release authorization

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INCAPACITY PLANNING

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A significant percentage of elder Americans become unable to make sound financial decisions at some point in time

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This is largely due to the widespread

nature of

dementia or Alzheimer's

disease

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You can prepare for this possibility by executing a durable power of attorney

THE ATTORNEY-IN-FACT THAT YOU NAME WILL BE EMPOWERED TO HANDLE YOUR FINANCIAL AFFAIRS IN THE EVENT OF YOUR INCAPACITY

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PUT THE PROCRASTINATION BEHIND YOU

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After viewing this presentation, you should feel more comfortable

about the process of estate planning

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As you can see, it is not as complicated as it may seem on the surface

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The intelligent first step is to set up a consultation with an experienced

estate planning attorney

The intelligent first step is to set up a consultation with an experienced

estate planning attorney

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Click to visit:

www.molever.com

Your attorney will gain an understanding of your wishes, evaluate your situation, and make the

appropriate recommendations